Workey Secures $8 Million in Funding, Opens New York Office
June 16, 2017 – Investment dollars continue to pour into new technology that is designed to change the talent management game. Workey, the next-gen AI solution for career development and recruitment, has launched in the U.S. after closing an $8 million Series “A” funding round, led by PICO Partners and Magma VC. The funding was immediately put to use, with Workey opening an office in New York City and hiring for that location already underway. The funding is followed by the completion of a positive Beta phase in Israel and New York that involved more than 400 companies, including Amazon, Dell EMC, Oracle and Yahoo.
Workey’s platform empowers users to make informed career decisions while simultaneously enhancing and increasing the number of potential recruits for companies. Its AI tool is capable of tracking and profiling 80 percent of today’s workforce, comparing millions of career paths and providing data driven recommendations for users’ next career steps. The platform particularly assists those who are not ready to take the leap and become an active job-seeker, by offering an anonymous, free and easy-to-use service that allows users to explore the job market without commitments or effort.
How It Works
The platform uses AI and comparative analytics to present users with relevant positions in real time based on their skills and experience. Companies can also be active on the site and directly reach out to recommended users and request an introduction. It is up to the user, however, to decide if they wish to reveal their full details, or anonymously reject the approach.
“In a candidate-driven market, Yahoo always strives for innovative approaches to recruitment, and Workey has proved to be an invaluable service,” said Omri Perek, recruitment manager at Yahoo. “The smart recommendations and quality introductions facilitated by Workey, combined with it’s easy to use and welcoming platform, has enabled us to fill multiple positions with ideal candidates.”
Danny Shteinberg, CMO of Workey, pointed out that the Deloitte Millennial survey showed that two-thirds of Millennials expect to leave a company within four years. “However, it’s clear that the traditional recruitment process is inefficient and outdated for not just Millennials, but for employees across the board,” he said. “Far too often people leave one job for another without clear direction and without necessarily supporting their long-term aspirations. Unlike job sites, Workey does not merely aim to find people a job. Our aim is to help people take steps that build a career by providing a true reading of the job market and an individual’s potential.”
PICO regards Workey as the future of career advancement technology, said Elie Wurtman, veteran investor and managing partner of PICO. “The platform takes career development a step further by utilizing advanced AI and machine learning to provide users and companies with the most relevant career opportunities,” she said. “Workey is revolutionizing the way people and companies handle career opportunities, making it far more accessible and efficient than ever before.”
The successful Series A funding was followed by the completion of a positive Beta phase in Israel and New York, working with over 400 companies including Amazon, Dell EMC, Oracle and Yahoo.
Investment Funding
Other investors also continue to pour money into HR recruiting solutions. Here is a look at some recent funding deals secured by these companies from the Hunt Scanlon Media archives:
YouEarnedIt, an SaaS company that is attempting to alter how companies drive employee engagement and bottom line performance metrics, recently closed $6.5 million in funding. YouEarnedIt can consolidate employee engagement initiatives into one, easy to use mobile platform.
Talent acquisition platform SmartRecruiters recently raised $30 million in series C financing, led by Insight Venture Partners. The company plans to leverage the additional capital to sustain its rapid growth, accelerate its global market presence, and continue to invest in its product footprint to serve the needs of the more than 5,000 enterprise companies.
Reflektive, an HR analytics and employee engagement platform, has secured $13 million in series A funding led by Lightspeed Venture Partners. Reflektive will use the new funding to accelerate development of its platform, enhance customer success and hire across all departments to support its mission to revolutionize performance management.
Glassdoor, a job and recruiting marketplace, closed a $40 million investment round recently, led by funds and accounts advised by T. Rowe Price Associates. The financing will support Glassdoor’s continued growth and investments in product, marketing, and people around the globe, according to internal sources at the company.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Chase Barbe, Managing Editor – Hunt Scanlon Media
